Credit Score fell below 700, what are my options?

[Ab John]

Hello all,

I had a goal of purchasing at least on rental property by summer of this year by putting 20% or 25% down. But  I missed a payment on my primary home mortgage and my credit score fell below 700. So I am not sure many lenders will work with me or I can even get a mortgage for an investment property. Missed payment was not due to any financial situation but only because I had to be out of the country for a medical emergency. Our finances are still solid and we have reserves to use as down payment but not sure if regular mortgage brokers can even give out a loan to me.

Any guidance on this is appreciated.

Thank you,

AJ

[Will Barnard]

Dispute the ding on your credit and show proof you were out of the country. It may or may not work as the lender can say (and would be correct in saying so) that it is your responsibility and duty to make timely payments and if you were to be out of the country, you should have made other arrangements or get on an auto pay.

You can also look into other avenues to boost your credit score. Perhaps increase a thin file, use Experian boost, or any other number of options to help your score out, perhaps speak to a credit expert. Missing payments on mortgages will certainly hurt your credit so you should ensure that never happens again if you value your credit score.